Kornitzer Capital Management Inc. KS lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 34.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 386,840 shares of the oil and gas company’s stock after selling 206,480 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.10% of Patterson-UTI Energy worth $4,189,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after buying an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after buying an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new stake in Patterson-UTI Energy during the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after buying an additional 30,217 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.
Insiders Place Their Bets
In other news, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,007,844 shares of company stock valued at $11,922,302. Insiders own 2.20% of the company’s stock.
Patterson-UTI Energy Price Performance
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue for the quarter was down 12.7% on a year-over-year basis. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.12 EPS for the current fiscal year.
Patterson-UTI Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 4.3%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group boosted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Susquehanna reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a research note on Wednesday. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Finally, Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $10.00 to $15.00 in a report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.15.
Check Out Our Latest Analysis on Patterson-UTI Energy
Patterson-UTI Energy Profile
Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.
Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.
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